New Contract Management Solutions, Powered by Evisort AI, Accelerate Business and Mitigate Risk
Solutions Empower Businesses to Transform Contracts into Strategic Assets with AI, Surfacing Critical Insights, Obligations, and Risks
PLEASANTON, Calif., March 27, 2025 /PRNewswire/ -- Workday, Inc. (NASDAQ: WDAY), the AI platform for managing people, money, and agents, today announced that Evisort's AI-powered contract intelligence and contract lifecycle management solutions are now available through Workday. With Workday Contract Intelligence and Workday Contract Lifecycle Management (CLM), organizations can surface clear and actionable insights from complex legal and business documents to take action across vast amounts of HR and financial data faster with less risk.
Workday (PRNewsfoto/Workday)
Contracts touch every part of the business, but organizations struggle to access the critical data hidden in their agreements. With Workday Contract Intelligence and Workday CLM, organizations can easily identify the risks, opportunities, and obligations buried in unstructured data to drive better business outcomes.
"Contracts are the lifeblood of organizations, dictating revenue opportunities and obligations between parties; however, these terms are often buried in unstructured language and over-looked," said Andrew Kershaw, group general manager, office of the CFO, Workday. "With Workday Contract Intelligence and Workday CLM powered by AI, we're helping customers finally unlock that value at scale, bringing more speed and certainty to every business decision."
Grow Revenue Faster and Optimize Spend with Total Visibility Into Contract Data
Workday Contract Intelligence uses AI to analyze large volumes of contracts and related documents (like POs, SOWs, and invoices), making it easier to access the insights organizations need to help drive better business outcomes, quickly and efficiently. With Workday Contract Intelligence, customers can:
Gain visibility across complex legal and business documents with insight into critical contract terms across the enterprise – from HR and finance, to legal and procurement.
Surface untapped revenue opportunities and potential savings, avoiding missed renewals or cost reductions like rebates and volume discounts.
Leverage a conversational AI experience to ask anything about contracts in simple, natural language and get clear answers with links to source documents.
Quickly identify non-standard contract language for reduced risk and easier, faster audit preparation.
"NetApp leveraged Workday's cutting edge contract extraction AI and automated workflow technology to save thousands of hours and millions of dollars across multiple critical corporate initiatives," said Shelle Elzer, legal operations manager, NetApp.
Streamline Processes with AI-Powered, End-to-End CLM
Workday CLM uses AI to speed up the entire contract lifecycle process. It can cut approval times from months to hours by streamlining tasks like drafting clauses, redlining, conducting risk assessments, and more. With Workday CLM, customers can:
Simplify every aspect of the contract lifecycle, from intake to storage, with AI-powered workflows to eliminate manual tasks.
Increase savings opportunities with faster, simpler processes, helping to avoid missed contract renewals or unused financial benefits.
Accelerate drafting, negotiation, and approvals, reducing contract turnaround times, while assisting with applicable compliance obligations.
Leverage AI-powered contract analysis, enabling rapid strategy refinement, proactive risk assessment, and accelerated business growth.
"Workday has leapfrogged the CLM space with next-generation contract AI," said Justin Hectus, managing partner, Harbor Global. "It's the fastest to deploy, most field-tested, most secure solution in the market."
About Workday Workday is the AI platform for managing people, money, and agents. The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 11,000 organizations around the world and across industries – from medium-sized businesses to more than 60% of the Fortune 500. For more information about Workday, visit workday.com.
This press release contains forward-looking statements including, among other things, statements regarding Workday's plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.
